Dear Lifehacker,
I have a little bit of money saved in my emergency fund but am worried that it might not be enough for something like losing my job or my car crapping out on me. Where can I go for fast cash that isn't shady?
Thanks,
Trying to Stay Afloat

Dear Trying,
We hear you. Life's full of surprises, and it's not easy saving up for all of them. There are a ton of options, online and perhaps around the block, for getting a quick loan, but not all are wise choices, so good on you for trying to scope out the best options before a financial crisis. Here's where you can borrow money quickly, in decreasing order of riskiness and how fast you need the cash. For comparison sake, for most of the loan options we'll use a $5,000 loan that you'll pay off in 3 years; you can plug in your own numbers at Mlcalc.com.

Least Risky Loan: Family and Friends

Borrowing from family or friends can be awkward, but it's the safest kind of debt, financially at least. If you want to make sure you all feel more comfortable about your loan, draw up repayment terms and work out an interest rate that everyone can agree on. Previouslymentioned sites iOWEYOU and BillMonk can help you track your personal loan.

If You Need Cash Right This Second

All of the other options for getting money instantly have higher interest rates, so you'll pay more in the long run. However, if you can pay the money back quickly—e.g., with your next paycheck—you won't waste too much money on interest, but there may be fees involved and if you can't pay these back quickly, the interest can snowball and put you even deeper in the hole.

Personal bank loan: Banks and credit unions offer unsecured personal loans (i.e., not backed by something like your house), but you'll need to have a good credit score to qualify for one of these loans. Bankrate can help you compare personal loan rates in your area. As an example, HSBC's personal loan ranges from 13.85% to 19.25%.

Credit cards: Most credit cards offer cash advances in the form of a check or ATM access. Interest begins as soon as you take the money out and fees are between 2 and 4 percent. Interest rates can be as high as 25%.

Cost: Assuming an 18% interest rate, you'll pay $1,507.43 in interest charges in addition to the principal, with a monthly principal and interest payment of $180.76.

The risk: As with the bank loan, your interest rate might be raised and your credit rating drop if you miss payments, plus you'll be hit with late-payment penalties.

BillFloat: BillFloat is a service that pays your bills for you if you can't pay in time. It works with companies like State Farm and AT&T and you only need a bank account to get the loan. Repayment happens 30 days later from your bank account automatically, and interest is 3% per month (36% APR) plus a $14.99 fee ($19.99 if you're in a rush).

Cost: For a $200 bill, you'll pay $6 in interest for 30 days, plus the $14.99 fee for a total of $220.99.

The risk: A late fee of $10 will be charged each month and the very high interest can set you back a lot, besides putting your credit rating on the line.

Longer-Term Loans

Long term loans like a home equity line of credit that you repay over several years have lower interest rates, so they won't set you back as much to borrow a hefty sum of money. They take a little longer to get, however, and there are still risks involved, especially with loans tied to collateral like your house.

401(k) Loan: If you participate in your company's 401(k) plan, chances are you can take out as a loan any money you've invested in it. Forbes writes that the 401(k) loan may be your best option in a pinch because it doesn't impact your credit rating, and interest charged on the loan balance goes back into your account (which can make the loan practically free or at least minimal).

Cost: None or minimal.

The risk: If you leave or lose your job before repaying, you only have 60 days to repay; otherwise, you'll have to pay a 10% early withdrawal penalty if you're under 59.5 years old. Also, taking out money from your retirement plan will cost you a lot in lost growth. For example, taking $5,000 out of an account earning 8% would cost you $7,060 in lost growth, assuming you have 25 years until retirement and repay the loan in 3 years. (Calculated with Money Chimp's compound interest calculator.)

Peer-to-Peer Loans: Lendingclub.com and Prosper.com let you get a personal loan from people interested in lending to others as an investment. You'll need an excellent credit score to get a good interest rate starting at 5%; if you have a poor score, rates can be as high as 35%. There are also fees of between 0.5% and 5% depending on your credit rating.

Cost: Assuming a 12% interest rate on that 3-year $5,000 loan, you'll pay $978.58 in interest on top of the principal, with monthly payments of $166.07. Plus the origination fee.

The risk: Late fees and credit dings.

Secured Bank Loan: Home equity loans, home equity lines of credit (HELOC), and loans secured by your car or other assets can have attractive interest rates around 5%, depending on your credit score. The risk here is the highest, however. Note that HELOCs have variable interest rates and they work a little differently than a loan in that you withdraw money as you need it.

Cost: At a 6% interest rate, you'll pay an additional $475.95 in interest on that 3-year $5,000 loan. Monthly payments would be $152.11. (Your repayment terms would probably be longer than 3 years, however.)

The risk: You could lose your home or other assets if you default, and, with the HELOC, your interest rate can jump.

Loans You Should Avoid

Stay away from predatory loans like payday loans or ones from pawnshops. It may seem like the charges aren't that much, but when you look at the interest rates, they can be as high as 800%!

Hopefully you won't need to access any of these loan sources for a financial emergency, and you can grow your emergency fund for some peace of mind and added security. Photo by Omar Omar.